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Financials : Banks | Large Cap Value
Company profile

Bank of America Corporation is a bank holding company and a financial holding company. The Company is a financial institution, serving individual consumers and others with a range of banking, investing, asset management and other financial and risk management products and services. The Company, through its banking and various non-bank subsidiaries, throughout the United States and in international markets, provides a range of banking and non-bank financial services and products through four business segments: Consumer Banking, which comprises Deposits and Consumer Lending; Global Wealth & Investment Management, which consists of two primary businesses: Merrill Lynch Global Wealth Management and U.S. Trust, Bank of America Private Wealth Management; Global Banking, which provides a range of lending-related products and services; Global Markets, which offers sales and trading services, and All Other, which consists of equity investments, residual expense allocations and other.

Closing Price
$24.90
Day's Change
0.03 (0.12%)
Bid
--
Ask
--
B/A Size
--
Day's High
25.26
Day's Low
24.71
Volume
(Below Average)
Volume:
51,007,411

10-day average volume:
60,060,344
51,007,411

Vocera Announces Second Quarter 2020 Financial Results

4:05 pm ET July 27, 2020 (BusinessWire) Print

Vocera Communications, Inc. (NYSE: VCRA), a recognized leader in clinical communication and workflow solutions, today reported total revenue of $47.3 million for the second quarter of 2020, compared to revenue of $44.8 million in the second quarter of 2019.

"I am proud of the job Vocera employees achieved during this global pandemic to remain focused and deliver outstanding results across the board," said Brent Lang, Chairman and CEO of Vocera. "We fought through rapidly changing market dynamics and enhanced our market relevance. Our employees were inspired by our mission to improve the lives of patients and caregivers."

Second quarter of 2020 financial highlights include:

Total revenue of $47.3 million, compared to $44.8 million last year GAAP net loss per share of $(0.11); non-GAAP diluted income per share of $0.10 GAAP net loss of $(3.5) million; Adjusted EBITDA of $5.7 million Deferred revenue and backlog combined of $127.5 million as of June 30, 2020, an increase of 10% over last year

Second Quarter 2020 Results

Total revenue for the second quarter of 2020 was $47.3 million, an increase of 6% compared to last year.

          (in thousands)                                                                Three months ended June 30,
                               2020                                 2019                        % change
Product revenue                                                         
Device                             $      17,100     $      14,504           17.9 %
Software                                   6,851             8,628          (20.6 )
                                   ------------  --------------------                      ------------  --------------------
Total product                      $      23,951     $      23,132            3.5 %
                                                     
Service revenue                                                         
Maintenance and support            $      18,994     $      16,928           12.2 %
Professional services and training         4,402             4,699           (6.3 )
                                   ------------  --------------------                      ------------  --------------------
Total service                             23,396            21,627            8.2 %
                                   ------------  --------------------                      ------------  --------------------

GAAP gross margin for the second quarter of 2020 was 63.2%, compared to 60.4% in the second quarter of 2019.

                                Three months ended June 30,
                 2020                              2019
Gross margin                          
Product                     67.8 %                            70.1 %
Service                     58.6           49.9  
Total gross margin          63.2 %                            60.4 %
                   
Non-GAAP gross margin                 
Product                     68.6 %                            73.3 %
Service                     62.5           54.6  

GAAP net loss for the second quarter of 2020 was $(3.5) million, or $(0.11) per share, compared to GAAP net loss of $(4.9) million, or $(0.16) per share in the second quarter of 2019.

                                                  Three months ended June 30,
(in thousands except per share amounts)               2020                              2019
Net loss                                $   (3,468 )                      $   (4,857 )
Net loss per share                      $    (0.11 )                      $    (0.16 )
Non-GAAP net income                     $    3,205     $    2,232  
Non-GAAP diluted net income per share   $     0.10     $     0.07  

Deferred revenue at June 30, 2020 was $54.0 million compared to $61.5 million at December 31, 2019. Cash, cash equivalents and short-term investments were $233.9 million at June 30, 2020 compared to $229.9 million at December 31, 2019.

Conference Call Information

Vocera Communications will host a conference call at 5 p.m. ET (2 p.m. PT) today, July 27, 2020, to discuss the Company's results.

Investors may access a free, live webcast of the call through the Investors section of the Company's website at investors.vocera.com.

The call also can be accessed by dialing 833-968-2210, or 647-689-4192 for international callers, and using the access code 5064238.

A replay of the call will be archived on the Vocera website.

Forward-Looking Statements

Statements in this press release that are not strictly historical in nature are forward-looking statements within the meaning of the U.S. federal securities laws. These forward-looking statements are based on limited information currently available to us and our management`s expectations, which are inherently subject to change and involve a number of risks and uncertainties.

Actual events or results may differ materially from those in any forward-looking statement due to various factors, including but not limited to, potential impacts of the COVID-19 pandemic on our operations, changes in regulations in the U.S. and other countries; the effects on government and commercial hospital customers of the federal budget and budgetary uncertainty; changes in healthcare insurance coverage and consumers' utilization of healthcare and hospital services; our ability to achieve and maintain profitability; the demand for our various solutions in the healthcare and other markets; our lengthy and unpredictable sales cycle; our ability to offer high-quality services and support for our solutions; our ability to achieve anticipated strategic or financial benefits from our acquisitions; our ability to acquire the sole and limited source hardware and software components of our solutions; our ability to obtain the required capacity and product quality from our contract manufacturers; our ability to develop and introduce new solutions and features to existing solutions and to manage our growth; the impact of tax law reform on us or our customers; and the other factors described in our most recently filed Quarterly Report on Form 10-Q, as well as our other filings with the Securities and Exchange Commission (SEC). Our filings with the SEC are available on the Investors section of the Company's web site at www.vocera.com. The financial and other information contained in this press release should be read in conjunction with the financial statements and notes thereto included in our filings with the SEC. Our operating results for any historical period, including the second quarter of 2020, are not necessarily indicative of our operating results for any future periods. This press release speaks only as of its date. We assume no obligation to update the information in this press release, to revise any forward-looking statements, or to update the reasons actual events or results could differ materially from those anticipated in forward-looking statements.

Use of Non-GAAP Financial Information

This press release contains financial measures that are not calculated in accordance with U.S. generally accepted accounting principles (GAAP). Our management evaluates the Company's results and makes operating decisions using various GAAP and non-GAAP measures. In addition to our GAAP results, we also consider non-GAAP gross margin, non-GAAP gross margin for products and for services, non-GAAP net income/(loss), non-GAAP diluted income/(loss) per share and non-GAAP operating expenses. We also present Adjusted EBITDA, a non-GAAP measure that we reconcile to net income/(loss). These non-GAAP measures should not be considered as a substitute for the corresponding financial measure derived in accordance with GAAP. We present the non-GAAP measures because we consider them to be important supplemental information for our investors for analyzing our performance, core operating results and trends. Investors are encouraged to review the reconciliation of non-GAAP financial measures to their most directly comparable GAAP measures included with this press release.

Our non-GAAP gross margins, non-GAAP net income/(loss), non-GAAP diluted income/(loss) per share, non-GAAP operating expenses, and Adjusted EBITDA are exclusive of certain items to facilitate management's review of the comparability of our core operating results on a period to period basis because such items are not related to our ongoing core operating results as viewed by management. We define our "core operating results" as those revenues recorded in a particular period and the expenses incurred within that period that directly drive operating income in that period. Management uses these non-GAAP financial measures in making operating decisions because, in addition to meaningful supplemental information regarding operating performance, the measures give us a better understanding of how we should invest in research and development, fund infrastructure growth and evaluate the effectiveness of marketing strategies. In calculating the above non-GAAP results, management specifically adjusted for the following excluded items:

a) Stock-based compensation expense impact. We recognize equity plan-related compensation expenses, which represent the fair value of all share-based payments to employees, including grants of employee stock options and restricted stock units as non-GAAP adjustments in each period.

b) Amortization of acquired intangibles. We acquired certain companies in 2014 and 2016, and booked intangible assets related to these acquisitions. The amortization of these acquired intangible assets is excluded from non-GAAP net income because it is not related to ongoing controllable management decisions and because it is non-cash in nature.

c) Acquisition related expenses. In addition to the amortization of acquired intangibles mentioned above, we also adjust for certain acquisition-related expenses that we may incur including (i) professional service fees and (ii) transition costs. Professional service fees include third party costs related to the acquisition, such as due diligence costs, accounting fees, legal fees, valuation services and commissions, if any. Transition costs include retention payments, transitional employee costs and earn-out payments (including amounts relating to the distribution of purchase consideration among the selling equity holders) treated as compensation expense. We consider such costs and adjustments as highly variable in amount and frequency, being significantly impacted by the timing and size of any acquisitions. By excluding acquisition-related costs and adjustments from our non-GAAP measures, management can better focus on the organic continuing operations of our baseline and acquired businesses.

d) Restructuring costs. We exclude restructuring costs from non-GAAP measures because we do not regard these limited-term or one-time costs as reflective of normal costs we incur to operate our business. These are defined in U.S. GAAP to include one-time employee termination benefits, contract termination costs, and other associated costs, with respect to exit or disposal activities.

Management adjusts for the above items because management believes that, in general, these items possess one or more of the following characteristics: their magnitude and timing is largely outside of Vocera's control; they are unrelated to the ongoing operation of the business in the ordinary course; they are unusual and we do not expect them to occur in the ordinary course of business; or they are non-operational, or non-cash expenses involving stock award grants.

We believe that the presentation of these non-GAAP financial measures is warranted for several reasons:

1) Such non-GAAP financial measures provide an additional analytical tool for understanding our financial performance by excluding the impact of items which may obscure trends in the core operating results of the business;

2) These non-GAAP financial measures facilitate comparisons to the operating results of other companies commonly compared to us, which use similar financial measures to supplement their GAAP results, thus enhancing the perspective of investors who wish to utilize such comparisons in their analysis of our performance; and

3) These non-GAAP financial measures are employed by our management in their own evaluation of performance and are utilized in financial and operational decision making processes, such as budget planning and forecasting.

Set forth below are additional reasons why share-based compensation expense is excluded from our non-GAAP financial measures:

i) While share-based compensation constitutes one of our ongoing and recurring expenses, it is not an expense that requires cash settlement by us. We therefore exclude these charges for purposes of evaluating core operating results. Thus, our non-GAAP measurements are presented exclusive of stock-based compensation expense to assist management and investors in evaluating our core operating results.

ii) We present share-based payment compensation expense in our reconciliation of non-GAAP financial measures on a pre-tax basis because the exact tax differences related to the timing and deductibility of share-based compensation are dependent upon the trading price of our common stock and the timing and exercise by employees of their stock options. As a result of these timing and market uncertainties, the tax effect related to share-based compensation expense would be inconsistent in amount and frequency and is therefore excluded from our non-GAAP results.

As stated above, we present non-GAAP financial measures because we consider them to be important supplemental measures of performance. However, non-GAAP financial measures have limitations as an analytical tool and should not be considered in isolation or as a substitute for our GAAP results. In the future, we expect to incur expenses similar to certain of the non-GAAP adjustments described above and expect to continue reporting non-GAAP financial measures excluding such items. Some of the limitations in relying on non-GAAP financial measures are:

Our stock options, restricted stock units, and stock purchase plans are important components of incentive compensation arrangements and will be reflected as expenses in our GAAP results for the foreseeable future; and Other companies may calculate non-GAAP financial measures differently than us, limiting their usefulness as a comparative measure.

Pursuant to the requirements of SEC Regulation G, a detailed reconciliation between our non-GAAP and GAAP financial results is set forth in the financial tables referred to above, and linked to, this press release. Investors are advised to carefully review and consider this information strictly as a supplement to the GAAP results for the respective periods.

About Vocera:

The mission of Vocera Communications, Inc. is to simplify and improve the lives of healthcare professionals and patients, while enabling hospitals to enhance quality of care and operational efficiency. In 2000, when the company was founded, we began to forever change the way care teams communicate. Today, Vocera offers the leading platform for improving clinical communication and workflow. More than 2,100 facilities worldwide, including nearly 1,700 hospitals and healthcare facilities, have selected our clinical communication and workflow solutions. Care team members use our solutions to communicate and collaborate with co-workers by securely texting or calling, and to be notified of important alerts and alarms. They can choose the right device for their role or task, including smartphones or our hands-free, wearable Vocera Smartbadge and Vocera Badge. Interoperability between the Vocera Platform and more than 150 clinical and operational systems helps reduce alarm fatigue; speed up staff response times; and improve patient care, safety, and experience. In addition to healthcare, Vocera is at home in luxury hotels, aged care facilities, retail stores, schools, power facilities, libraries, and more. Vocera solutions make mobile workers safer and more effective by enabling them to connect instantly with other people and access resources or information quickly. Vocera has made the list of Forbes 100 Most Trustworthy Companies in America. Learn more at www.vocera.com and follow @VoceraComm on Twitter.

Vocera(R) and the Vocera logo are trademarks of Vocera Communications, Inc. registered in the United States and other jurisdictions. All other trademarks appearing in this release are the property of their respective owners.

                                                                                                                       Vocera Communications, Inc.
                                                                                                             Condensed Consolidated Statements of Operations
                                                                                                                (In Thousands, Except Per Share Amounts)
                                                                                                                               (Unaudited)
                                                                                                                   
                                                                        Three months ended June 30,                                                                    Six months ended June 30,
                                                           ------------------------------------------------------------------------------------                            --------------------------------------------------------------------------------------
                                                       2020                                 2019                                  2020                                  2019
---------------------------------------------------------- --------------------------------   -------------------- --------------------------------   -------------------- ---------------------------------   -------------------- ---------------------------------
Revenue                                                                                                            
                                                           $      23,951     $      23,132     $       41,801     $       37,135  
   Product
                                                                  23,396            21,627             46,219             42,933  
   Service
                                                           ------------  --------------------                      ------------  --------------------                      -------------  --------------------                      -------------  --------------------
                                                                  47,347            44,759             88,020             80,068  
      Total revenue
                                                           ------------  --------------------                      ------------  --------------------                      -------------  --------------------                      -------------  --------------------
Cost of revenue                                                                                                    
                                                                   7,710             6,912             14,074             12,246  
   Product
                                                                   9,694            10,831             20,217             21,121  
   Service
                                                           ------------  --------------------                      ------------  --------------------                      -------------  --------------------                      -------------  --------------------
                                                                  17,404            17,743             34,291             33,367  
      Total cost of revenue
                                                           ------------  --------------------                      ------------  --------------------                      -------------  --------------------                      -------------  --------------------
Gross profit                                                      29,943            27,016             53,729             46,701  
                                                           ------------  --------------------                      ------------  --------------------                      -------------  --------------------                      -------------  --------------------
Operating expenses                                                                                                 
                                                                   9,349             8,943             18,381             17,089  
   Research and development
                                                                  15,998            15,478             32,961             31,497  
   Sales and marketing
                                                                   6,923             6,535             13,314             13,115  
   General and administrative
                                                           ------------  --------------------                      ------------  --------------------                      -------------  --------------------                      -------------  --------------------
                                                                  32,270            30,956             64,656             61,701  
   Total operating expenses
                                                           ------------  --------------------                      ------------  --------------------                      -------------  --------------------                      -------------  --------------------
Loss from operations                                              (2,327 )                             (3,940 )                             (10,927 )                             (15,000 )
Interest income                                                      913             1,332              2,033              2,611  
Interest expense                                                  (2,308 )                             (2,170 )                              (4,582 )                              (4,291 )
Other income (expense), net                                          210              (159 )                                (381 )                                 (28 )
                                                           ------------  --------------------                      ------------  --------------------                      -------------  --------------------                      -------------  --------------------
Loss before income taxes                                          (3,512 )                             (4,937 )                             (13,857 )                             (16,708 )
Benefit from (provision for) income taxes                             44                80                (81 )                                 116  
                                                           ------------  --------------------                      ------------  --------------------                      -------------  --------------------                      -------------  --------------------
Net loss                                                   $      (3,468 )                      $      (4,857 )                      $      (13,938 )                      $      (16,592 )
                                                           ====== ====== ====================                      ====== ====== ====================                      ====== ======= ====================                      ====== ======= ====================
                                                                                                
Loss per share                                                                                                     
                                                           $       (0.11 )                      $       (0.16 )                      $        (0.44 )                      $        (0.53 )
      Basic
                                                           ====== ====== ====================                      ====== ====== ====================                      ====== ======= ====================                      ====== ======= ====================
                                                           $       (0.11 )                      $       (0.16 )                      $        (0.44 )                      $        (0.53 )
      Diluted
                                                           ====== ====== ====================                      ====== ====== ====================                      ====== ======= ====================                      ====== ======= ====================
Weighted average shares used to compute net loss per share                                                         
                                                                  32,152            31,242             31,945             31,022  
      Basic
                                                           ============  ====================                      ============  ====================                      =============  ====================                      =============  ====================
                                                          Vocera Communications, Inc.
                                                     Condensed Consolidated Balance Sheets
                                                                (In Thousands)
                                                                  (Unaudited)
                                                  
                                            June 30,                            December 31,
                                                                 2020                                                     2019
------------------------------------------------ ---------------------------------   -------------------- ---------------------------------
Assets                                                               
Current assets                                                       
                                                 $       29,386     $       25,704  
   Cash and cash equivalents
                                                        204,476            204,164  
   Short-term investments
                                                         28,255             42,547  
   Accounts receivable, net of allowance
                                                          6,645              6,312  
   Other receivables
                                                          8,556              4,576  
   Inventories
                                                          5,607              5,149  
   Prepaid expenses and other current assets
                                                 -------------  --------------------                      -------------  --------------------
                                                        282,925            288,452  
      Total current assets
Property and equipment, net                               7,669              8,661  
Intangible assets, net                                    4,834              5,461  
Goodwill                                                 49,246             49,246  
Deferred commissions                                     11,118             10,477  
Other long-term assets                                    7,246              8,158  
                                                 -------------  --------------------                      -------------  --------------------
                                                 $      363,038     $      370,455  
      Total assets
                                                 ====== ======= ====================                      ====== ======= ====================
Liabilities and stockholders' equity                                 
Current liabilities                                                  
                                                 $        4,765     $        6,036  
   Accounts payable
                                                         17,079             14,757  
   Accrued payroll and other current liabilities
                                                         43,841             50,033  
   Deferred revenue, current
                                                 -------------  --------------------                      -------------  --------------------
                                                         65,685             70,826  
      Total current liabilities
Deferred revenue, long-term                              10,173             11,442  
Convertible senior notes, net                           120,682            117,178  
Other long-term liabilities                               5,843              7,184  
                                                 -------------  --------------------                      -------------  --------------------
                                                        202,383            206,630  
      Total liabilities
Stockholders' equity                                    160,655            163,825  
                                                 -------------  --------------------                      -------------  --------------------
                                                                                                                                                Vocera Communications, Inc.
                                                                                                                                             Three months ended June 30, 2020
                                                                                                                                                    
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                               Stock                                                                                   
(In thousands)                             GAAP                                  compensation                                   Intangible                                       Total                                  Non-GAAP
                        2020                                   expense (a)                                amortization (b)                                 adjustments                                 2020
                            --------------------------------                        -----------------------------------------                                                                                         -----------------------------------------                        --------------------------------
Reconciliation of GAAP Gross Profit to Non-GAAP Gross Profit (Unaudited)
Revenue                                                                                                                         
                            $      23,951     $       --     $       --     $       --     $      23,951  
   Product
                                   23,396             --             --             --            23,396  
   Service
                            ------------  --------------------                      ---------------------  --------------------                      ---------------------  --------------------                      ---------------------  --------------------                      ------------  --------------------
                                   47,347             --             --             --            47,347  
      Total revenue
                            ------------  --------------------                      ---------------------  --------------------                      ---------------------  --------------------                      ---------------------  --------------------                      ------------  --------------------
Cost of revenue                                                                                                                 
                                    7,710                        201             --                        201             7,509  
   Product
                                    9,694                        913             --                        913             8,781  
   Service
                            ------------  --------------------                      ---------------------  --------------------                      ---------------------  --------------------                      ---------------------  --------------------                      ------------  --------------------
                                   17,404                      1,114             --                      1,114            16,290  
      Total cost of revenue
                            ------------  --------------------                      ---------------------  --------------------                      ---------------------  --------------------                      ---------------------  --------------------                      ------------  --------------------
Gross profit                $      29,943     $                1,114     $       --     $                1,114     $      31,057  
                            ------ ------ --------------------                      ------- -------------- --------------------                      ------- -------------- --------------------                      ------- -------------- --------------------                      ------ ------ --------------------
                                                                                                             
                            --------------------------------   -------------------- -----------------------------------------   -------------------- -----------------------------------------   -------------------- -----------------------------------------   -------------------- --------------------------------
                                               Stock                                                                                   
(In thousands)                             GAAP                                  compensation                                   Intangible                                       Total                                  Non-GAAP
                        2020                                   expense (a)                                amortization (b)                                 adjustments                                 2020
                            --------------------------------                        -----------------------------------------                        -----------------------------------------                        -----------------------------------------                        --------------------------------
Reconciliation of GAAP Operating Expenses to Non-GAAP Operating Expenses (Unaudited)
                                                                                                             
Research and development    $       9,349     $                1,023     $       --     $                1,023     $       8,326  
Sales and marketing                15,998                      1,961                        268                      2,229            13,769  
General and administrative          6,923                      2,268                         39                      2,307             4,616  
                            ------------  --------------------                      ---------------------  --------------------                      ---------------------  --------------------                      ---------------------  --------------------                      ------------  --------------------
(a) This adjustment reflects the accounting impact of non-cash stock-based compensation expense. This adjustment reflects the accounting impact of non-cash stock-based compensation expense.
                                                                                                                                             Three months ended June 30, 2019
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                               Stock                                      Intangible                                                      
(In thousands)                             GAAP                                  compensation                                  amortization                                      Total                                  Non-GAAP
                        2019                                   expense (a)                                       (b)                                       adjustments                                 2019
                            --------------------------------                        -----------------------------------------                        -----------------------------------------                        -----------------------------------------                        --------------------------------
Reconciliation of GAAP Gross Profit to Non-GAAP Gross Profit (Unaudited)
Revenue                                                                                                                         
                            $      23,132     $       --     $       --     $       --     $      23,132  
   Product
                                   21,627             --             --             --            21,627  
   Service
                            ------------  --------------------                      ---------------------  --------------------                      ---------------------  --------------------                      ---------------------  --------------------                      ------------  --------------------
                                   44,759             --             --             --            44,759  
      Total revenue
                            ------------  --------------------                      ---------------------  --------------------                      ---------------------  --------------------                      ---------------------  --------------------                      ------------  --------------------
Cost of revenue                                                                                                                 
                                    6,912                        172                        573                        745             6,167  
   Product
                                   10,831                      1,006             --                      1,006             9,825  
   Service
                            ------------  --------------------                      ---------------------  --------------------                      ---------------------  --------------------                      ---------------------  --------------------                      ------------  --------------------
                                   17,743                      1,178                        573                      1,751            15,992  
      Total cost of revenue
                            ------------  --------------------                      ---------------------  --------------------                      ---------------------  --------------------                      ---------------------  --------------------                      ------------  --------------------
Gross profit                $      27,016     $                1,178     $                  573     $                1,751     $      28,767  
                            ------ ------ --------------------                      ------- -------------- --------------------                      ------- -------------- --------------------                      ------- -------------- --------------------                      ------ ------ --------------------
                                                                                                             
                            --------------------------------   -------------------- -----------------------------------------   -------------------- -----------------------------------------   -------------------- -----------------------------------------   -------------------- --------------------------------
                                               Stock                                      Intangible                                                      
(In thousands)                             GAAP                                  compensation                                  amortization                                      Total                                  Non-GAAP
                        2019                                   expense (a)                                       (b)                                       adjustments                                 2019
                            --------------------------------                        -----------------------------------------                        -----------------------------------------                        -----------------------------------------                        --------------------------------
Reconciliation of GAAP Operating Expenses to Non-GAAP Operating Expenses (Unaudited)
                                                                                                             
Research and development    $       8,943     $                1,034     $       --     $                1,034     $       7,909  
Sales and marketing                15,478                      1,758                        368                      2,126            13,352  
General and administrative          6,535                      2,139                         39                      2,178             4,357  
                            ------------  --------------------                      ---------------------  --------------------                      ---------------------  --------------------                      ---------------------  --------------------                      ------------  --------------------
(a) This adjustment reflects the accounting impact of non-cash stock-based compensation expense. This adjustment reflects the accounting impact of non-cash stock-based compensation expense.
                                                                                                                                     Vocera Communications, Inc.
                                                                                                                                   Six months ended June 30, 2020
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                               Stock                                      Intangible                                                    
(In thousands)                             GAAP                                  compensation                                  amortization                                    Total                                  Non-GAAP
                                       2020                    expense (a)                                       (b)                                     adjustments                                                2020
                            --------------------------------                        -----------------------------------------                        -----------------------------------------   -----------------------------------------                        --------------------------------
Reconciliation of GAAP Gross Profit to Non-GAAP Gross Profit (Unaudited)
Revenue                                                                                                                       
                            $      41,801     $       --     $       --   $       --     $      41,801  
   Product
                                   46,219             --             --           --            46,219  
   Service
                            ------------  --------------------                      ---------------------  --------------------                      ---------------------  -------------------- ---------------------  --------------------                      ------------  --------------------
                                   88,020             --             --           --            88,020  
      Total revenue
                            ------------  --------------------                      ---------------------  --------------------                      ---------------------  -------------------- ---------------------  --------------------                      ------------  --------------------
Cost of revenue                                                                                                               
                                   14,074                        363                         11                      374            13,700  
   Product
                                   20,217                      1,724             --                    1,724            18,493  
   Service
                            ------------  --------------------                      ---------------------  --------------------                      ---------------------  -------------------- ---------------------  --------------------                      ------------  --------------------
                                   34,291                      2,087                         11                    2,098            32,193  
      Total cost of revenue
                            ------------  --------------------                      ---------------------  --------------------                      ---------------------  -------------------- ---------------------  --------------------                      ------------  --------------------
Gross profit                $      53,729     $                2,087     $                   11   $                2,098     $      55,827  
                            ------ ------ --------------------                      ------- -------------- --------------------                      ------- -------------- -------------------- ------- -------------- --------------------                      ------ ------ --------------------
                                                                                                           
                            --------------------------------   -------------------- -----------------------------------------   -------------------- -----------------------------------------   -----------------------------------------   -------------------- --------------------------------
                                               Stock                                      Intangible                                                    
(In thousands)                             GAAP                                  compensation                                  amortization                                    Total                                  Non-GAAP
                                       2020                    expense (a)                                       (b)                                     adjustments                                                2020
                            --------------------------------                        -----------------------------------------                        -----------------------------------------   -----------------------------------------                        --------------------------------
Reconciliation of GAAP Operating Expenses to Non-GAAP Operating Expenses (Unaudited)
                                                                                                           
Research and development    $      18,381     $                1,989     $       --   $                1,989     $      16,392  
Sales and marketing                32,961                      3,821                        537                    4,358            28,603  
General and administrative         13,314                      4,310                         78                    4,388             8,926  
                            ------------  --------------------                      ---------------------  --------------------                      ---------------------  -------------------- ---------------------  --------------------                      ------------  --------------------
(a) This adjustment reflects the accounting impact of non-cash stock-based compensation expense. This adjustment reflects the accounting impact of non-cash stock-based compensation expense.
                                                                                                                                              Six months ended June 30, 2019
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                               Stock                                      Intangible                                                      
(In thousands)                             GAAP                                  compensation                                  amortization                                      Total                                  Non-GAAP
                                       2019                    expense (a)                                       (b)                                       adjustments                                                2019
                            --------------------------------                        -----------------------------------------                        -----------------------------------------                        -----------------------------------------                        --------------------------------
Reconciliation of GAAP Gross Profit to Non-GAAP Gross Profit (Unaudited)
Revenue                                                                                                                         
                            $      37,135     $       --     $       --     $       --     $      37,135  
   Product
                                   42,933             --             --             --            42,933  
   Service
                            ------------  --------------------                      ---------------------  --------------------                      ---------------------  --------------------                      ---------------------  --------------------                      ------------  --------------------
                                   80,068             --             --             --            80,068  
      Total revenue
                            ------------  --------------------                      ---------------------  --------------------                      ---------------------  --------------------                      ---------------------  --------------------                      ------------  --------------------
Cost of revenue                                                                                                                 
                                   12,246                        309                      1,183                      1,492            10,754  
   Product
                                   21,121                      1,847             --                      1,847            19,274  
   Service
                            ------------  --------------------                      ---------------------  --------------------                      ---------------------  --------------------                      ---------------------  --------------------                      ------------  --------------------
                                   33,367                      2,156                      1,183                      3,339            30,028  
      Total cost of revenue
                            ------------  --------------------                      ---------------------  --------------------                      ---------------------  --------------------                      ---------------------  --------------------                      ------------  --------------------
Gross profit                $      46,701     $                2,156     $                1,183     $                3,339     $      50,040  
                            ------ ------ --------------------                      ------- -------------- --------------------                      ------- -------------- --------------------                      ------- -------------- --------------------                      ------ ------ --------------------
                                                                                                             
                            --------------------------------   -------------------- -----------------------------------------   -------------------- -----------------------------------------   -------------------- -----------------------------------------   -------------------- --------------------------------
                                               Stock                                      Intangible                                                      
(In thousands)                             GAAP                                  compensation                                  amortization                                      Total                                  Non-GAAP
                                       2019                    expense (a)                                       (b)                                       adjustments                                                2019
                            --------------------------------                        -----------------------------------------                        -----------------------------------------                        -----------------------------------------                        --------------------------------
Reconciliation of GAAP Operating Expenses to Non-GAAP Operating Expenses (Unaudited)
                                                                                                             
Research and development    $      17,089     $                1,856     $       --     $                1,856     $      15,233  
Sales and marketing                31,497                      3,478                        737                      4,215            27,282  
General and administrative         13,115                      4,163                         78                      4,241             8,874  
                            ------------  --------------------                      ---------------------  --------------------                      ---------------------  --------------------                      ---------------------  --------------------                      ------------  --------------------
(a) This adjustment reflects the accounting impact of non-cash stock-based compensation expense. This adjustment reflects the accounting impact of non-cash stock-based compensation expense.
                                                                                                                                Vocera Communications, Inc.
                                                                                                             Non-GAAP Net income and net income per share and Adjusted EBITDA
                                                                                                                         (In thousands, except per share amounts)
                                                                                                                                        (Unaudited)
                                                                                                                                                                                   
                                                                                          Three months ended June 30,                                                                    Six months ended June 30,
                                                                             ------------------------------------------------------------------------------------                            --------------------------------------------------------------------------------------
                                                                         2020                                 2019                                  2020                                  2019
                                                                             --------------------------------                        --------------------------------                        ---------------------------------                        ---------------------------------
GAAP net loss                                                                $      (3,468 )                      $      (4,857 )                      $      (13,938 )                      $      (16,592 )
Add back:                                                                                                                            
                                                                                     6,366             6,109             12,207             11,653  
   Stock compensation expense
                                                                                      (904 )                             (1,320 )                              (2,017 )                              (2,586 )
   Interest income
                                                                                     2,308             2,170              4,582              4,291  
   Interest expense
                                                                                     1,468             1,907              2,801              3,797  
   Depreciation and amortization expense
Provision for (benefit from) income taxes                                              (44 )                                (80 )                                  81               (116 )
                                                                             ------------  --------------------                      ------------  --------------------                      -------------  --------------------                      -------------  --------------------
Non-GAAP adjusted EBITDA                                                     $       5,726     $       3,929     $        3,716     $          447  
                                                                             ====== ====== ====================                      ====== ====== ====================                      ====== ======= ====================                      ====== ======= ====================
                                                                                                                  
GAAP net loss                                                                $      (3,468 )                      $      (4,857 )                      $      (13,938 )                      $      (16,592 )
Add back:                                                                                                                            
                                                                                     6,366             6,109             12,207             11,653  
   Stock compensation expense
                                                                                       307               980                626              1,998  
   Intangible amortization
                                                                             ------------  --------------------                      ------------  --------------------                      -------------  --------------------                      -------------  --------------------
Non-GAAP net income (loss)                                                   $       3,205     $       2,232     $       (1,105 )                      $       (2,941 )
                                                                             ====== ====== ====================                      ====== ====== ====================                      ====== ======= ====================                      ====== ======= ====================
Non-GAAP net income (loss) per share                                                                                                 
                                                                             $        0.10     $        0.07     $        (0.03 )                      $        (0.09 )
   Basic
                                                                             $        0.10     $        0.07     $        (0.03 )                      $        (0.09 )
   Diluted
Weighted average shares used to compute non-GAAP net income (loss) per share                                                         
                                                                                    32,152            31,242             31,945             31,022  
   Basic

View source version on businesswire.com: https://www.businesswire.com/news/home/20200727005612/en/

SOURCE: Vocera Communications, Inc.

Investors: 
Sue Dooley
Vocera Communications, Inc.
408.882.5971
investorrelations@vocera.com 


Media: 
Shanna Hearon
Vocera Communications, Inc.
669.999.3368
shearon@vocera.com
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